Chapter review's 9/25/12-11/9/12

Rob Suffardo

-The method used by a society to produce and distribute goods and services.
-The income people recieve for supplying factors of production: land, labor and, capital.
-Government programs that protect people experience unfavorable economic conditions.
-Level of economic prosperity.
-Economic system that relies on habit,custom, or ritual to decide questions of production and consumption of goods and, services.
-Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets.
-Economic system in which the central government makes all decisions on the production and consumption of goods and services.
-ecconomic system that combines traditional and free market with limited government involvement.
-Doctrine that staes that government generally should not intervene in the market place.
-Economic system chaterized by private or corperate ownership of capital goods: Investments that are determined by private decision rather than by state control.
-A range with no clear divisions.
-Period of change in which an economy moves away from a centrally planned economy toward a market based sytem.
-To sell to indiviuals state-run firms, which are then allowed to compete with one another in the marke place.
-Economic law that states that consumers buy more of a good when its price decreases and less when prices increase.
-When consumers react to an increase in a good's price by consuming less of that good and more of other goods.
-The change in consumption resulting from a change in real income.
-A table that lists that quantities of a good a person will buy at each different price.
-A table that lists te quantity of a good all consumers in a market will buy at every different price.
-A graphic representation of a demand schedule.
-Tendency of suppliers to offer more of a good at a higher price.
-A chart that lsts how much of a good a supplier will offer at different prices.
-A factor that can change.
-A chart that lists how much of a good all suppliers will offer at different prices.
-A Graph of the quantity supplied of a good at different prices.
-A graph of the quantity supplied by all suppliers at every possible price.
-A measure of how quantity supplied reacts to a change in price.

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centrally planned economy

Continuum

Demand curve

Demand schedule

Economic systems

Elasticity of supply

Factor payments

Free enterprise

Income effect

Lassez faire

Law of demand

Law of supply

Market demand schedule

Market economy

Market supply curve

Market supply schedule

Mixed economy

privatized

Saftey net

Standard of living

substitution effect

Supply curve

Supply schedule

Traditional economy

Transitions

Variable

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